Trenton – In an effort to further stimulate investment both now and in years to come, the Senate today passed legislation sponsored by Senator Andrew Zwicker and Senator Nilsa Cruz-Perez that modifies certain criteria in order to participate in the New Jersey Innovation Evergreen Program. The groundbreaking program increases access to strategic resources and venture capital for startup companies across the Garden State.
“Our state has a long history of investing in entrepreneurs, and the NJ Evergreen Innovation Program is a key component of reclaiming New Jersey’s leadership role by creating a vibrant culture of investment that is dedicated to growing the companies of the future,” said Senator Zwicker (D-Middlesex/Mercer/Somerset/Hunterdon).
“Today, we are taking steps to make a highly successful program even better, increasing the number of partnerships between the state and the private sector to support entrepreneurs and grow our innovation economy and create high-quality jobs for people of all backgrounds,” added the Senator.
The bill, S-3783, adds two additional ways a business may satisfy the “principal business operations” requirement to participate in the program: one being that at least 50 percent of the business’s “full-time” employees not primarily engaged in retail sales are filling a position in the state; another being that at least 50 percent of the business’s payroll for employees not primarily engaged in retail sales is paid to “full-time” employees filling a position in the state.
“We are always excited to welcome businesses to New Jersey. The Evergreen program is one popular and practical way to make sure new enterprises keep choosing our state,” said Sen. Cruz-Perez (D-Camden/Gloucester). “In the end, we want to be able to help these companies invest in our communities and tap into local resources, including our people, as their businesses grow and prosper in the Garden State.”
In addition, the bill revises a purchasing requirement for the tax credit to provide that the EDA will henceforth set the amount a potential purchaser will pay in exchange for the requested amount of tax credits. The payment amount set would not be less than 75 percent of the requested dollar amount of tax credits.
The bill was released by a vote 35-0.